Our Business Services and outsourcing team provides a range of accounting and other compliance services helping our clients to meet compliance requirements in a cost effective manner. Delegating complex work to our expert team ensures you are compliant and you can concentrate on the main business matters.
Accounting Outsourcing - Accounting Services in Cyprus
Whether you are seeking assistance with basic accounting and bookkeeping in Cyprus or looking to outsource the entire accounting function, our trained Cyprus Chartered accountants will ensure that proper accounting records are maintained. With up-to-date reporting available to your organization, our accounting services in Cyprus include the following:
- Posting of transactions
- Preparation of trial balance
- Maintenance of computerized accounting records
- Bank reconciliations
- Debtors and creditors reconciliations
- Preparation and submission of quarterly vat return
- Preparation of monthly payroll and paying tax and social insurance contributions
- Preparation and submission of employee tax returns
- Management accounts
Our experienced payroll team provides cost effective and comprehensive payroll management services in complete confidentiality, leaving you free to concentrate on other important matters of your company. Our comprehensive payroll management service includes:
- Processing of monthly payrolls
- Calculation of all aspects of PAYE Tax and Social Insurance contributions
- Payment of monthly Tax and Social Insurance contributions
- Preparation of pay slips
- Electronic payment of salaries to the employee’s bank account
- Preparation and submission of tax forms
- Relocation and immigration services
Residency Permit in Cyprus for EU Citizens - Yellow Slip
All nationals of the Member States of the European Union have the right to move freely within the European Union and to enter and reside in any EU Member State.
EU Citizens entering Cyprus to work or stay or remain as visitors for more than 3 months need to register for a residence permit for EU citizens. The Registration certificate they get is commonly known as Yellow Slip, as it is printed on yellow paper.
The Application type and forms are different for European Union citizens and their family members who are not European.
Our services include the following:
- Assistance to complete and review the immigration forms and supporting documentation
- Accompany the clients and family members to the Migration Department to receive biometric features (fingerprints and/or photographs) and signatures before submitting the applications
- Submit the immigration forms on behalf of the clients and liaising with the immigration authorities regarding the application process
Companies of Foreign Interest - Employment of third country nationals
In an attempt to encourage foreign investments, the Cyprus government now allows the issue of temporary residence and employment permits to employees of existing and new companies of “foreign interests” registered in Cyprus.
For a company to be qualified as a Company of foreign interests and to be eligible to employ third-country nationals in Cyprus must meet the following criteria:
- Third country shareholders should own the majority of the shares of the company. In the case where companies are the shareholders, the ultimate beneficial owners should be declared.
- The ultimate beneficial owner must invest at least € 200.000 in Cyprus, for the purposes of operating the company. This requirement only applies to companies which will employ staff from third countries for the first time. The paid-up capital of €200.000 can either be a payment made into a bank account or an investment in a company asset such as immovable assets and/or rents and/or the cost of any equipment for the needs of the company.
In case the percentage of foreign participation in the share capital of the Company is equal to or below 50% of the total share capital, in order for the Company to be considered eligible, this percentage must represent an amount equal to or greater than the amount of € 200.000.
- The establishment/ operation of independent offices in Cyprus, in suitable premises, separate from any private housing or other office, except in the case of business co-habitation.
Companies that meet the above conditions, are entitled to employ third country nationals in the following categories as published by the Migration Department:
Category 1 – Directors
Category 2 – Middle management executives and other key personnel
Category 3 – Specialists
Category 4 – Support staff
Our services include the following:
- Company registration with a minimum capital of Euro 200.000 to third country nationals
- Assistance for finding suitable offices
- Apply for the foreign interest status of the company.
- Apply for residence and work permits of company staff and family members
Follow up and liaison with local authorities for final approvals and permits
Cyprus Permanent Residency Permit (PRP)
In line with the Cyprus government’s objective to increase foreign investment, it recently expanded the types of qualifying investments for non-EU nationals to obtain PRP status under the ‘fast-track’ route from residential real estate to include commercial real estate, Cyprus company shares and Cyprus funds.
PRP Qualification Requirements
As of 24 March 2021, an applicant is required to invest €300,000 (excluding VAT) from funds received from sources outside Cyprus in one of four options:
- New residential real estate – up to two units of residential property (apartments or houses) that are being sold by a developer for the first time (or resale if the purchase of the dwellings took place before 7 May 2013);
- Non-residential real estate, including offices, shops, hotels or a combination of these;
- Shares of a Cypriot company that has operations in Cyprus and a minimum of five employees; or
- Qualifying Cypriot Investment Funds – Alternative Investment Funds (AIFs), AIFs with Limited Number of Persons (AIFLNPs) and Registered Alternative Investment Funds (RAIFS).
An applicant must provide evidence that they have an annual income from abroad in the form of wages, pensions, dividends or rents of at least €30,000 per year if they opt for the residential real estate investment option. In all other cases income can be generated in Cyprus.
The previous requirement for an applicant to leave a deposit of €30,000 in a Cypriot bank account for three years has been removed.
An applicant and his/her spouse are required to certify that they did not intend to work in Cyprus and must submit a clean criminal record certificate issued by the police authority of their country of residence.
PRP status gives the applicant and his/her dependent spouse, dependent minor children and unmarried children in tertiary education or parents/in-laws the right to reside in Cyprus. Additional funds need to be demonstrated for dependents included on the application – €5,000 per year for a dependent spouse or child and €8,000 per year for a parent or an in-law.
The maximum period for granting PRP under the simplified procedure is two months. PRP status does not impose any restrictions to the period of stay in Cyprus. The only exception is that a holder must visit Cyprus at least once every two years to maintain PRP status. PRP holders are free to enter and live in Cyprus without the need to obtain a visa.
Actual residence in Cyprus may lead to eligibility for Cyprus citizenship by naturalisation, currently after seven years of staying in Cyprus within 10 calendar years.
We work closely with our associated law firms, offering a wide range of specialized legal services in the following areas:
- Legal due diligence for corporate entities
- Cross border mergers and acquisitions
- Voluntarily liquidations
- Capital reductions
- Purchase and sale contracts